Some 65 MMboe will be left untapped offshore Norway due to the early shut down of fields and the failure of the Vette project to meet economic margins, according to a report by the International Energy Agency (IEA). The IEA's April Oil…
Statoil has cut its average project cost per barrel from US$70/bbl to around $40/bbl, but the work has just started and the changes need to be permanent, even if prices increase, CEO Eldar Sætre said this morning. Speaking at the Subsea Valley conference in Oslo…
After many years of decline, production of petroleum and other liquids in the United Kingdom (UK) increased by about 100,000 b/d in 2015, according to the US Energy Information Administration (EIA). The largest contribution to this…
UK-based well examination services firm Chris Dykes International has been acquired by Danish well management company WellPerform. Established by Chris Dykes in 2002, following a career with oil majors and the UK's Health and Safety Executive…
Italian major Eni has found what could be the biggest gas deposit in the Mediterranean and the company is eager to develop it. Jerry Lee reports. Egypt Nile Delta. The Zohr discovery, in the Shorouk block…
Backlogs for subsea equipment manufacturers have been historically high in recent years – following record levels of subsea tree orders posted in 2013-2014. The process of working through these backlogs has thus-far cushioned the market against the decline in order activity seen in 2015…
The fact that exploration drilling activity is at a record lows in the UK North Sea is well recorded. It's easy to quantify and monitor. What is not so easy, is quantifying the number of already discovered fields which are currently sitting…
Xodus Group’s Intelligent Monitoring service is being used by Australian oil and gas company Woodside to create surveillance tools for its North West Shelf assets. Accurate monitoring of oil and gas production is an increasingly valuable tool for operators and surveillance engineers but…
Recent increases in crude prices and oil stocks belie the reality that exploration and production activity continues to weaken and there is no prospect of it improving in the near future. Spending on oilfield drilling and services has fallen further…
Polarcus has announced the purchase of a complete marine seismic in-sea acquisition system (Streamer Package) from Dolphin Geophysical, for a price of US$11.5 million. The Streamer Package comprises 12 x 8100m active streamers and all peripheral in-sea equipment…
William Jacob Management Inc. (WJM) has secured its initial contract to complete the detailed engineering and design of its first mobile offshore support services vessel: the MOSS V. Illustration of the MOSS V…
UK-based independent has now cut US$425 million off its North Sea Kraken heavy oil development budget as it looks to continue reining in costs. After initially shaving $300 million, or about 10%, off the project's original $3.2 billion costs…
US supermajor Chevron is set to shave its budget by as much as 36% by next year, as the company approaches the finish line for global construction projects, and sets its sights on increasing production. Jack/St…
Emerson Process Management has been awarded a contract to automate the Maersk Oil Culzean gas field development in the North Sea. Image of Culzean, from Maersk. Emerson will provide…
2H Offshore has designed and launched a new engineering critical assessment (ECA) software: FlawIQ. FlawIQ is a comprehensive tool that automates both BS7910 and API 579 procedures, making it faster and simpler to perform accurate fatigue assessments for offshore components…
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